25 March 2024 Morning Biz News: Financial Insights: Updates from the Global Market

25 March 2024 Morning Biz News: Financial Insights: Updates from the Global Market

1. Fitch Ratings Affirms Development Bank of Namibia's Ratings Despite Losses Fitch Ratings recently announced its decision to maintain the Development Bank of Namibia Limited's Long-Term Issuer Default Ratings at 'BB-' and its National Long-Term Rating at 'AA+(zaf)', with a stable outlook. Despite facing a setback with a N$270 million loss in the 2023 financial year due to high loan impairment charges, Fitch remains optimistic about the bank's future. The […]

March 25, 2024 15

Business / Economics

Global Financial Landscape: Collaborative Initiatives and Market Dynamics

Germany and Namibia Join Forces for Green Hydrogen Initiative In a significant stride towards sustainable energy development, Germany and Namibia have inked a pivotal agreement to bolster the Green Hydrogen Namibia Programme. This collaborative effort signifies a dedicated push towards constructing local H2 value chains aimed at fostering socio-economic growth while prioritizing environmental sustainability. The Green Hydrogen Namibia Programme, a newly established organization, emerges as a beacon of hope in […]

March 22, 2024 7

Business / Economics

Namibia’s Visitor Arrivals Surge in February

Official figures reveal a notable increase in Namibia's visitor arrivals in February, reaching over 37 thousand, marking an 8.1% month-on-month surge and a significant 26.1% year-on-year rise. According to a tourism report by IJG Securities, February 2024 arrivals surpassed pre-pandemic levels from February 2019 by 15.5%. Gitta Paetzold, CEO of the Hospitality Association of Namibia, comments on the trend.

March 22, 2024 32

Business / Economics

Common Monetary Area payments set to change

The banking sector will, as of 15 April 2024, change the way clients make and receive payments between Namibia, Eswatini, Lesotho, and South Africa. After that date all cross-border EFT payments processed and received by clients within the Common Monetary Area will no longer be processed as domestic payments, but will instead be initiated as global, or international payments. Here is FNB Namibia Payments Manager Albert Matongela with more.

March 22, 2024 52

Business / Economics

Climate quitting: the people leaving their fossil fuel jobs because of climate change

Mayuree Moonhirun/Shutterstock Gemma Ware, The Conversation As the climate crisis gets ever more severe, the fossil fuel industry is struggling to recruit new talent. And now a number of existing employees are deciding to leave their jobs, some quietly, some very publicly, because of concerns over climate change. In this episode of The Conversation Weekly podcast, we speak to a researcher about this phenomenon of “climate quitting”. My name is […]

March 22, 2024 53

Africa

Chad presidential election: assassination of main opposition figure casts doubt on country’s return to democracy

By Helga Dickow, University of Freiburg The assassination of Chad’s main opposition leader, Yaya Dillo, is hanging heavy over presidential elections due in early May. Dillo was killed on 28 February when the headquarters of the opposition Party Socialiste sans Frontières (Party of Socialists without Borders) in the Chadian capital N'Djamena was besieged by the newly formed Rapid Reaction Force. It’s not the first violence meted out […]

March 22, 2024 8

Business / Economics

Steinhof CEO dies by suicide

Former Steinhoff CEO Markus Jooste died by suicide in Hermanus on Thursday, a day before he was told to hand himself over to law enforcement. News24 reports that Jooste told his wife he was going out for a walk, and it was during his walk that he shot himself. According to local police, Jooste “was still alive at the time [they reported to a beach in Hermanus, where a 63-year-old man […]

March 22, 2024 165